13 December 2011

ESMA launches consultation on possible delegated acts concerning the Prospectus Directive

The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.

On Tuesday 25 January 2011, the European Commission published its request to ESMA for advice on possible delegated acts concerning the Prospectus Directive, as amended by Directive 2010/73/EU. The Mandate to ESMA sets out the areas on where the Commission is requesting advice in sections 3, 4 and 5.

ESMA has already delivered its advice on sections 3.1, 3.2 and 3.3 on 30 September 2011. Taking into account the calendar for the end of the objection period for the European Parliament and the Council to the formal adoption by the Commission of the delegated acts and thereinafter the end of the transposition period for the Amending Prospectus Directive (Directive 2010/73/EU) on the 1st of July 2012, the Commission allowed ESMA to focus in the second part of the Mandate on sections 3.5 and 4. They are regarded as the most important ones and sections 3.4 and 5 will be dealt with at a further stage.

ESMA is aiming to send its technical advice on sections 3.5 and 4 of the Mandate to the Commission by 29 February 2012. Despite ESMA’s strong commitment to consult stakeholders adequately, ESMA considers it necessary in order to finalise the advice by the due deadline to conduct a shortened consultation on these sections to allow the delivery of a timely and robust advice to the Commission.

With a view to finding a common position acceptable to both ESMA and the stakeholders, the description of alternatives should not only reflect the perspective of market participants but also take into account any concerns which ESMA may have raised on the relevant issue(s) in its consultation paper.

ESMA welcomes comments on this consultation paper by 6 January 2012.

Full consultation

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